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The tax is self-assessed in that the employer calculates the liability and then pays the appropriate amount to the Office of State Revenue, by way of a monthly, quarterly or annual return. From 1 July 2014: [30] The rate of payroll tax is 5.5%. The annual threshold is $800,000. The monthly threshold is $66,667.
Taxation. Taxation in Finland is mainly carried out through the Finnish Tax Administration, an agency of the Ministry of Finance. Finnish Customs and the Finnish Transport and Communications Agency Traficom, also collect taxes. Taxes collected are distributed to the Government, municipalities, church, and the Social Insurance Institution, Kela.
As of 2010, 68.8% of federal individual tax receipts, including payroll taxes, were paid by the top 20% of taxpayers by income group, which earned 50% of all household income. The top 1%, which took home 19.3%, paid 24.2% whereas the bottom 20% paid 0.4% due to deductions and the earned income tax credit.
In 2021, the ratio stood at 39.5%, up 1.6 percentage points from 37.9% in 2020. This increase is higher than the average for OECD countries, which rose from 33.6% to 34.1% between 2020 and 2021. Looking at the longer-term trend, Germany’s tax-to-GDP ratio has been steadily increasing since 2000 when it was at 36.4%.
Tax withholding, also known as tax retention, pay-as-you-earn tax or tax deduction at source, is income tax paid to the government by the payer of the income rather than by the recipient of the income. The tax is thus withheld or deducted from the income due to the recipient. In most jurisdictions, tax withholding applies to employment income.
In the US, withholding by employers of tax on wages is required by the federal, most state, and some local governments. Taxes withheld include federal income tax, [3] Social Security and Medicare taxes, [4] state income tax, and certain other levies by a few states. Income tax withheld on wages is based on the amount of wages less an amount for ...
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